by Calculated Risk on 10/06/2006 06:08:00 PM

Bloomberg reports:

Former Federal Reserve Chairman Alan Greenspan said the "worst may well be over" for the U.S. housing industry that's suffering its worst downturn in more than a decade.

Greenspan, speaking at a conference in Calgary today, pointed to a "flattening out" of weekly mortgage applications after they went down "very dramatically."

The graph shows the MBA Purchase Index since it's inception in 1990. On a long term scale, I don't see any significant "flattening out".